Keeping a diary

[burdo77]

A problem that I have with my dairy is that I tend to write up too many positive trades and when I get it wrong i tend to just move on. Something I have to improve on!

[Kai]

A problem that I have with my dairy is that I tend to write up too many positive trades and when I get it wrong i tend to just move on. Something I have to improve on!

Mistakes are the best teachers, one does not learn from success. Sounds corny but truer words were never spoken. If you only focus on the positives and ignore your mistakes I think you're making it much harder for yourself to learn and improve.

I think that reading quality materials online in the form of blogs/forums/etc is an edge in itself, because you can learn a lot from the mistakes of others as well. I for example did not blow any banks when I was starting out, because I was already aware of the potential pitfalls that newbie traders often fall into. I'm pretty sure that it would be a completely different story if I didn't do any "homework".

So yeah, mistakes are the best mentor you will ever have I think it's a great mentality to have in trading and in life in general, you either win or you learn, with that approach you can never really lose. That's exactly why I kept a mistake diary like I already mentioned.

Also, keeping notes and keeping a diary are two completely different things in my opinion. I keep hella notes and take tons of screenshots about anything that I think might be important. Same thing with random ideas that I get, I write them down and put them away so that I can try them out at my leisure. I think most traders have a similar approach, because there's not much point in keeping everything in your head.

[RentonT]

I feel I will need to record myself certainly I but don't know where to start regarding the tools I need to do so??

Here you go my friend :

http://camtasia-studio.en.softonic.com/

Works great!

Thanks for this

[LeTiss]

I've recently heard from a few people that Camtasia is riddled with some nasty virus

[andyfuller]

I think most traders have a similar approach, because there's not much point in keeping everything in your head.

It is also much more productive to make an actual note of something than a mental note. This applies to all things like To do lists, shopping lists etc.

By getting them written down it frees up mental space and thought leading to increased productivity.

I now use an app called Wunderlist and it has really helped. These days with smart phones, tablets etc. you always have access to it and it syncs across all devices.

Just yesterday I was running, which I like to do to help with thoughts as it gets you away from distractions, I always take a mobile with me in case of emergency. Halfway round my run as often happens my brain works away on problems and I got the solution to something and moments later had a good trading idea. I stopped, made a note on my phone via Wunderlist and then I didn't need to waste anymore mental effort on it, my mind was free to move on safe in the knowledge I had it recorded.

However, making all these notes means you must also allow time for reviewing them and this too applies to your trading notes.

I used to spend a couple of hours each morning reviewing the previous days video footage. Spending far longer on the losses than the profits. As has been said, you learn a lot more from your mistakes than your successes.

[Kai]

It is also much more productive to make an actual note of something than a mental note. This applies to all things like To do lists, shopping lists etc.

By getting them written down it frees up mental space and thought leading to increased productivity.

Spot on, there's no need to clutter our brain with needless information and things to remember. It's amazing how even the most basic organizational skills can greatly boost productivity and one's progress.

Just yesterday I was running, which I like to do to help with thoughts as it gets you away from distractions, I always take a mobile with me in case of emergency. Halfway round my run as often happens my brain works away on problems and I got the solution to something and moments later had a good trading idea. I stopped, made a note on my phone via Wunderlist and then I didn't need to waste anymore mental effort on it, my mind was free to move on safe in the knowledge I had it recorded.

I am exactly the same, I abuse my phone for that purpose way too much, outside of trading as well. For some reason I get a lot of good ideas or thoughts in bed just before sleep (and while trying to meditate) and my phone is always at arm's reach, so when I make a note I can safely fall asleep knowing that I won't forget it the next day.

However, making all these notes means you must also allow time for reviewing them and this too applies to your trading notes.

I used to spend a couple of hours each morning reviewing the previous days video footage. Spending far longer on the losses than the profits. As has been said, you learn a lot more from your mistakes than your successes.

Reviewing video footage of previous trades most definitely leads to progress, especially on horses. Not many will go that extra mile but the rewards can be substantial. I do not trade horses anymore so a different set of rules apply for my trading style. I am not as meticulous when it comes to notes in general, I go through them at random times depending on their importance. What's most important for me is that I free up my mental space as much as possible, and of course to not forget or lose any potentially valuable notes about various projects.

[andyfuller]

I am not as meticulous when it comes to notes in general, I go through them at random times depending on their importance.

As humans we have different levels of productivity and alertness throughout the day so scheduling work to suits these peaks and troughs is very important. Unfortunately with the market you can't move it to a time that suits you but you can schedule the rest of your day. You shouldn't be wasting your most productive part of the day for example doing tasks that do not require much mental effort.

Going over your notes actually should require a lot of alertness and so should be scheduled accordingly and not done at random times. Obviously doing them at random times is better than not at all though.

[Kai]

I agree somewhat. However, I did not mean at random times throughout the day itself. I meant that I would go through my notes randomly every week or so, or every 2 weeks and so on. It all depends on my schedule, workload and many other factors.

But we're talking about apples and oranges here. I primarily trade football and I trade just one match per day on average. I do get to choose which match and at what time, but I do have to build my schedule around that. That requires a certain level of flexibility on a daily basis and it's completely different from a horse trader's daily routine.

[andrejt]

I used to spend a couple of hours each morning reviewing the previous days video footage. Spending far longer on the losses than the profits. As has been said, you learn a lot more from your mistakes than your successes.

I do the same.